MIRA
INFORM REPORT
|
Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SMART ARTS JEWELLERY
LIMITED |
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Formerly Known As : |
J PS CREATION LTD |
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Registered Office : |
32nd Floor, Surawongwattanakarn Building, 322/58 Surawong Road, Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Year of Establishment : |
2000 |
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Com. Reg. No.: |
0105543069838 [Former : 1051/ 2543] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Diamond and Jewelry |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name
SMART
ARTS JEWELLERY LIMITED
[FORMER
: J . P . S . CREATION
LTD.]
SUMMARY
BUSINESS ADDRESS : 32nd FLOOR, SURAWONGWATTANAKARN BUILDING, 322/58 SURAWONG ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2238-3882-3
FAX :
[66] 2238-3884
E-MAIL ADDRESS : jpscreation@yahoo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO.
: 0105543069838 [Former : 1051/ 2543]
CAPITAL
REGISTERED : BHT. 20,000,000
CAPITAL
PAID-UP : BHT.
20,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PRADEEP RAGHUNATH LODHA, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 19
LINES OF
BUSINESS : DIAMOND AND JEWELRY
MANUFACTURER, IMPORTER
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on July 26,
2000 as a
private limited company under the name style “J. P. S. CREATION LTD.”, by
Thai and Indian
groups, in order
to distribute diamond
and jewelry products
to domestic and
international market. It
currently employs 19
staff.
On
May 15, 2007
the name was
changed to SMART
ARTS JEWELLERY LIMITED
as the present name.
The
subject’s registered address
is 322/58 Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Pradeep
Raghunath Lodha
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pradeep Raghunath
Lodha is the Managing Director.
He is Indian nationality with
the age of
44 years old.
BUSINESS OPERATIONS
The subject’s main
business is engaged
in manufacture servicing
of diamonds and
jewelry products for
exports, as well
as importing and
distributing of fine
diamond and jewelry, gold jewelry,
silver jewelry and
gemstones. Its products
include, ring, ear
ring, bracelet, pendent and
etc.
PURCHASE
Raw material for
the production and
the products are
purchased from both
local and overseas
suppliers in India,
Belgium and Russia.
SALES
The products are
sold locally by
wholesale to local
traders and manufacturers.
EXPORT
The products are
also exported to
India, Hong Kong,
Japan, United States
of America and
European countries.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Imports are by
L/C at sight or T/T
& D/A.
Exports are against
T/T.
BANKING
The banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 19
staff. [office and
sales staff]
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
prime commercial area.
Factory
is located at
79/341 Sathupradit Rd.,
Chongnonsi, Yannawa, Bangkok
10120.
COMMENT
Consumption of diamond and gemstone for
jewelry industry has grown
steadily in relation
to the local economy, as
well as export markets are performing well.
Trend of gem and jewelry exports are still good
as demand from international markets over Thai jewelry products remain strong.
The subject’s business is likely to grow at the progressive rate during
this few years.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The
capital were increased
and decreased later
as following:
Increased
was : Bht. 17,000,000 on June
22, 2001
Decreased was : Bht.
6,000,000 on March
6, 2002
Increased
was : Bht. 10,000,000 on February
22, 2005
Increased
was : Bht. 15,000,000 on December 7, 2005
Increased
was : Bht.
20,000,000 on September
27, 2006
The
latest registered capital
was increased to Bht. 20,000,000 divided into 200,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at December 17,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Nikorn
Kijvanich Nationality: Thai Address : 69-71
Rama 4 Rd.,
Pomprab, Bangkok |
67,555 |
33.78 |
|
Mr. Pradeep
Raghunath Lodha Nationality: Indian Address : 322/23
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
60,000 |
30.00 |
|
Mrs. Anupa
Narular Nationality: Thai Address : 32/31-32
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, Bangkok |
34,425 |
17.22 |
|
Ms. Niramala
Zashiti Nationality: Indian Address : 322/23
Surawong Rd., Suriyawongse, Bangrak,
Bangkok |
24,500 |
12.25 |
|
Mr. Punit
Kantadia Nationality: Indian Address : India |
13,500 |
6.75 |
|
Ms. Chanyanuch Petchchol Nationality: Thai Address : 143
Moo 6, Sapansung, Bangkok
|
10 |
- |
|
Mrs. Supannee
Saemuay Nationality: Thai Address : 135/139
Arjnarong Rd., Klongtoey, Bangkok |
10 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Nongnuch Ouitrakul No.
2241
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,178,610.18 |
2,633,053.19 |
|
Trade Accts. Receivable |
17,848,157.46 |
34,858,889.52 |
|
Inventories |
38,432,484.54 |
22,030,030.19 |
|
Other Current Assets
|
622,378.76 |
1,507,146.98 |
|
Total Current
Assets |
58,081,630.94 |
61,029,118.88 |
|
|
|
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Fixed Assets |
10,403,531.12 |
5,623,648.39 |
|
Other Assets |
416,700.00 |
441,700.00 |
|
Total Assets |
68,901,862.06 |
67,094,468.27 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Short Term Loan
from Financial Institution |
23,895,856.83 |
22,424,251.38 |
|
Trade Accts. Payable |
21,558,420.80 |
26,033,890.48 |
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Current Portion of Long-term Loans |
- |
365,125.00 |
|
Accrued Expenses |
270,120.53 |
262,883.05 |
|
Other Current Liabilities |
433,328.05 |
518,637.01 |
|
Total Current
Liabilities |
46,157,726.21 |
49,604,786.92 |
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Total Liabilities |
46,157,726.21 |
49,604,786.92 |
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Shareholders'
Equity |
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 200,000 &
150,000 shares in 2006 & 2005 |
20,000,000.00 |
15,000,000.00 |
|
Capital Paid |
20,000,000.00 |
15,000,000.00 |
|
Retained Earning -
Unappropriated |
2,744,135.85 |
2,489,681.35 |
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Total
Shareholders' Equity |
22,744,135.85 |
17,489,681.35 |
|
Total
Liabilities & Shareholders' Equity |
68,901,862.06 |
67,094,468.27 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales Income |
71,921,118.67 |
78,566,636.99 |
|
Other Income |
28,328.12 |
315,905.80 |
|
Total Revenues
|
71,949,446.79 |
78,882,542.79 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
62,690,483.06 |
70,326,968.38 |
|
Selling & Administrative Expenses |
6,930,032.00 |
5,610,120.57 |
|
Total Expenses |
69,620,515.06 |
75,937,088.95 |
|
Profit / [Loss] Before Interest
Expenses |
2,328,931.73 |
2,945,453.84 |
|
Interest Expenses |
[1,444,356.70] |
[709,849.11] |
|
Income Tax |
[630,120.53] |
[712,883.05] |
|
Net Profit / [Loss] |
254,454.50 |
1,522,721.68 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[8.46] |
|
|
Operating Profit |
[13.63] |
|
|
Net Profit |
[83.29] |
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|
Fixed Assets |
85.00 |
|
|
Total Assets |
2.69 |
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Profitability |
|
|
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Cost of Good
Sold |
87.17 |
89.51 |
|
Operating Profit Margin |
3.24 |
3.75 |
|
S & A Expenses |
9.64 |
7.14 |
|
Interest Paid |
2.01 |
0.90 |
|
Other Revenues |
0.04 |
0.40 |
|
Net Profit Margin |
0.35 |
1.94 |
|
Earning Per Shares |
1.27 |
10.15 |
|
No. of Shares |
200,000 |
150,000 |
Net Sales was decreased by
8.46%, Operating Profit
was decreased by
13.63%, Net Profit
was decreased by
83.29%, Fixed Assets
was increased by
85.00%, Total Assets
was increased by
2.69%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 89.51%
to 87.17%, Operating
Profit Margin was
decreased from 3.75%
to 3.24%, S
& A Expenses
was increased from
7.14% to 9.64%,
Interest Paid was increased
from 0.90% to
2.01%, Other Revenues
was decreased from
0.40% to 0.04%,
Net Profit Margin
was decreased from
1.94% to 0.35%.
Earning Per Shares
was decreased from
10.15 baht per
share to 1.27
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.26 |
1.23 |
|
Quick-Assets Ratio |
0.41 |
0.76 |
Current Ratio was
increased from 1.23
to 1.26, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.76 to 0.41,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
2.03 |
2.84 |
|
Times Interest Earned |
1.61 |
4.15 |
D/E Ratio was
decreased from 2.84
to 2.03, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
4.15 to 1.61,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
6.91 |
13.97 |
|
Total Assets Turnover |
1.04 |
1.17 |
|
Return on Assets |
0.37 |
2.27 |
|
Return on Equity |
1.12 |
8.71 |
|
Day's Payable |
107.91 |
119.29 |
|
Day’s Inventories |
192.37 |
100.94 |
|
Day’s Receivables |
89.34 |
159.73 |
Fixed Assets Turnover was decreased from
13.97 times to
6.91 times, Total
Assets Turnover was
decreased from 1.17
times to 1.04
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 2.27 to
0.37, Return on
Equity was decreased
from 8.71 to
1.12, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 120
days to 108
days, while Day’s
Inventories was increased
from 101 days
to 193 days, but Day’s
Receivables was decreased
from 160 days
to 90 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.49 |
|
UK Pound |
1 |
Rs. 84.21 |
|
Euro |
1 |
Rs. 66.33 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)